It tech packaging, inc. announces second quarter 2024 unaudited financial results

Baoding, china , aug. 12, 2024 /prnewswire/ -- it tech packaging, inc. (nyse american: itp) ("it tech packaging" or the "company"), a leading manufacturer and distributor of diversified paper products in north china, today announced its unaudited financial results for the second quarter ended june 30, 2024. second quarter 2024 unaudited financial results for the three months ended june 30,  ($ millions) 2024 2023 % change  revenues 26.25 30.02 -12.56 %  regular corrugating medium paper ("cmp")* 21.98 21.93 0.24 %  light-weight cmp** 4.23 4.54 -6.93 %  offset printing paper - 3.16 n/a  tissue paper products - 0.34 n/a   face masks - 0.04 n/a  gross profit (loss) 3.27 1.18 176.75 %  gross profit margin 12.44 % 3.93 % 8.51 pp****  regular corrugating medium paper ("cmp")* 12.22 % 6.81 % 5.41 pp****  light-weight cmp** 12.82 % 7.14 % 5.68 pp****  offset printing paper - 2.42 % n/a  tissue paper products*** - -206.06 % n/a  face masks - -8.06 % n/a  operating income (loss) 0.55 -0.52 205.60 %  net income (loss) -0.08 -1.25 93.80 %  ebitda 3.93 2.83 38.87 %  basic and diluted earnings (loss) per share -0.01 -0.12 -93.33 %  * products from pm6  ** products from pm1  *** products from pm8 and pm9  **** pp represents percentage points   revenue decreased by 12.56% to approximately $26.25 million, mainly due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024.
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